Trading Update

RNS Number : 0061A

Mobile Streams plc

25 January 2011

 



Mobile Streams plc

("Mobile Streams" or "the Company")

Trading Update

London (AIM: MOS) Mobile Streams is pleased to update its shareholders on its 2010 calendar year financial and business performance:

·      Revenues grew by 40% to c£10m (2009: £7.1m), including £0.5m from the sale of ringtones.com

·      Mobile Internet revenues grew by more than 400% year on year

·      EBITDA tripled to c£0.3m (2009: £0.1m)

·      Small net profit after tax (compared to £1.2m loss in 2009)

·      Cash reserves of £1.3m at 31 December 2010, with no debt.

Commenting, Simon Buckingham, CEO of Mobile Streams said:

"Mobile Streams delivered record financial performance in all of the key revenue and profit measures during the 2010 calendar year, whilst at the same time investing about £1m in developing the new Appitalism social apps and digital content platform and service.

Appitalism has been strongly received from all communities across the mobile ecosystem.  For example, www.appitalism.com had 247,000 unique visitors in the month of December.

Appitalism is still at an early stage of development with growing users and revenues but it does not currently make a profit. However we have the cash resources to fund operations at this level and will continue to monitor costs and revenues on a daily basis.

Since launching Appitalism, we have continuously improved the service and value proposition based on the feedback from our membership community.  The imminent launch of our mobile site will expand access to the service which will be enhanced by new content delivery options, such as unlimited music streaming and additional payment choices to enable more transactions.  We also continue to improve the social features of the Appitalism service, such as app rewards, titles, badges and leader levels, which have been successful in attracting and retaining new members without the need for substantial marketing expenditures.

We believe that the development and launch of Appitalism has embraced and extended Mobile Streams' long standing expertise in global mobile content retailing and paved the way for significant growth over the coming years and we are extremely excited about the unique position that Appitalism has begun to carve out in the rapidly growing apps ecosystem."

ENDS

Mobile Streams Simon Buckingham, Chief Executive Officer Gabriel Margent, Chief Financial Officer	[phone]
Victoria Tayler, Public Relations Manager	[phone]
Nominated Adviser Grant Thornton UK LLP Philip Secrett	[phone]
Broker Singer Capital Markets Limited Jeff Keating	[phone]

 

END

 

 

TSTDKQDBCBKDODB